Simplify international payments for your company
As of August 2018, HiFX is no longer available and has switched over to XE Money Transfer. XE offers international money transfers to over 170 countries with no commission or transfer fees.
Part of the third largest money transfer business in the world, HiFX expands its strong exchange rates into payments and hedging solutions that can support your business with easy payments, payroll and invoicing worldwide.
With the benefit of personalized customer service for businesses of all sizes, HiFX handles large transactions quickly and securely to help you pay suppliers or contractors, manage bulk payments and take advantage of FX tools — forward contracts, market orders and more — to stay ahead of the volatile currency market.
Whatever your business or needs, HiFX claims to offer a solution to support it.
Online international payments
HiFX offers businesses online international payments with great rates and functionality.
- Immediate access to highly competitive exchange rates updated in real-time
- Flexible user-access rights
- No setup or maintenance fees
- Tracked international payments 24/7
- Personal customer support
- Email rate alerts
- Recipient notifications
- Detailed charting to stay up to date with the latest exchange rates
Global payments solutions
HiFX also offers businesses global payments solutions. If your business conducts large volumes of international payments and has more complex needs, HiFX provides solutions that let you conduct your business on a global scale.
- Simple file upload online or via an SFTP
- Automated payment verification and validation
- Availability as a standalone platform, managed service or fully integrated API
- Complete activity log for detailed auditing
- Consolidation of multiple currency files
- Payment delivery on specific target dates
- Simplification and streamlining of your global payments process
- Improvement in the accuracy and speed of your payments
How much will my business pay to send money with HiFX?
It’s free to open and maintain a business account. And for one-off transfers and spot contracts, you’ll pay no transfer fee.
Fees for other business services depend on how much your business sends internationally, whether you’d also like to receive payments and how much help you’d ultimately like from HiFX, among other factors.
What are HiFX’s exchange rates?
It’s not hard these days to save on your local bank’s exchange rates. HiFX narrows the margin on a currency pair to get you a low rate for your specific business needs — and ultimately protect your profits. Its rates depend on how much you transfer, your currencies and rates at the time of your transaction.
When you sign on as a business, you can work with an expert to drum up a solution tailored to your international payment needs. Spot contracts, forward contracts and market orders can further help you lock in advantageous rates either at the time the market hits the rate you’re looking for or for a specified period of time.
Its rates are updated in real time with the help of its sister company XE.com. You can research currency charts and more through a business knowledge hub, or sign up for email rate alerts to further stay in the loop as to the best time to pay international bills and more.
Our pick: XE Money Transfer
XE specializes in a wide range of foreign currency solutions and offers an affordable solution when you need to send money overseas.
- Send money to 170+ countries.
- Competitive exchange rates that are often better than banks.
- Transfer up to $500,000 online.
- See exchange rates in real-time.
What types of transfers can I make with HiFX?
HiFX only allows for bank-to-bank transfers. But they also provide the following services:
- Spot contracts. Spot contracts are for when you need to make a payment right away.
- Forward contracts. Forward contracts allow you to lock in a rate now and make a payment in the future.
- Market orders. With a market order you can target a specific rate of exchange, and HiFX will monitor the market and make the exchange when that rate is met.
What other services does HiFX offer for my business?
Make the most of fluctuations in the forex market through services that include:
- FX hedging and risk management. Work with an expert to identify your business’s financial risks and best tap into comprehensive hedging tools to meet your specific objectives.
- Integrated global payments. Process and receive credit card payments online with flexible tools, secure transactions and significant savings.
- Large-volume payment solutions. For more complex businesses, look into end-to-end solutions that easily process, execute and deliver payments, with the option of managed services or API.
Pros and cons
- Safe and secure. HiFX is a reputable specialist that safeguards the transactions of 10,000 businesses in more than 100 industries worldwide.
- Minimal fees. One-off transfers incur no fee. Other business services are priced to protect your profits.
- Most transfers accepted. Limits for one-off transfers range from a low $100 to up to $500,000. HiFX may be able to help higher-volume companies through a range of streamlined business services.
- Bank-to-bank transfers only. HiFX does not accept cash, debit cards or credit cards for international business payments.
- No same-currency transactions. Your transfer must involve an exchange of currency.
- Multi-step signup. It’s not a deal-breaker, but you’ll need to provide business documentation and speak to an HiFX representative to complete signup.
How can my business get started with HiFX?
To get started, go to HiFX’s business site through the business tab on the homepage.
Sign up for an HiFX business account with your business information and personal details. You’re required to upload specific business documents to verify your identity and address, and you’ll also speak with a HiFX representative to complete your registration and discuss your business’s specific needs.
HiFX is a solid international transfer company that can protect your international profits against the fluctuating market and even process complex payments through a series of services designed to meet your business where it’s at.
But it’s not the only international money transfer specialist offering services for the business sector. Compare your full range of options for global businesses before deciding on your next partner.